Section CX 50B — Income Tax Act 2007: Contributions to retirement savings schemes

CX 50B Contributions to retirement savings schemes Excluded income (1) A retirement scheme contribution is excluded income of a person if they are— (a) the person for whose benefit the contribution is made to the extent to which the contribution is an amount of— (i) money: (ii) an imputation credit or a Maori authority credit that is used to meet the liability of the retirement scheme contributor for RSCT on the contribution: (b) the retirement savings scheme. Exclusions (2) Subsection (1)(a) does not apply if the person for whose benefit the contribution is made— (a) is non-resident, and the contribution is non-resident passive income: (b) supplies to the retirement scheme contributor or the retirement savings scheme, a tax rate applying to the amount of tax withheld that is less than the retirement scheme prescribed rate for the person: (c) includes the amount of the contribution in a return of income for the income year in which the contribution is made. Defined in this Act: excluded income , income year , non-resident , non-resident passive income , retirement savings scheme , retirement scheme contribution , retirement scheme contributor , retirement scheme prescribed rate , return of income Compare: 2004 No 35 s CX 42B Section CX 50B: inserted, on 1 April 2008, by section 334 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).